1. Mom I'd Like to Fuck, or Mature I'd Like to Fuck
A MILF is any woman with children who has men that want to have sexual intercourse with her. The term is also sometimes used to describe women above a certain aged (30 or 40+) who are not mothers themselves, but are deemed to be sexually attractive, and also have men that would like to partake in sexual intercourse with them.

2. MILF also stands for the "Moro Islamic Liberation Front", who are based in the Southern Phillipines and were created in 1978. Their primary goals are to establish an independant homeland, governed under Sharia law, for the Moro peoples.

It should be noted that I did not even know of the existance of the "Moro Islamic Liberation Front" before today, and that in everyday conversation MILF is far more likely tomean the first definition and not the latter.

Acronym for Mother I'd Like to Fuck. Although the following is debatable, a MILF refers to women in their late 30's through mid/late 50's. She doesn't necessarily have to be a mother. For example, a hot 16 year old mother doesn't qualify to be a MILF; whereas, a 45 year old hot babe who is not a mother would. Same would apply to GILF.

"Awwww yea check out those saggin tittaas, definitely Grade-A GILF material right there."
"Shiiit, thats the old spinster who lives up on Cherry Rd... she never married or had children foo, you'z be trippin. Ain't no GILF in that, whats the fun if she ain't got no kids foo?"